Nets for Sale?

Editorial Staff06 Aug 2017 20 Mar 20180 comments

Mikhail Prokhorov Sets $2-billion Price Tag For Interested Buyers

The Houston Rockets are not the only team on the market as Mikhail Prokhorov is looking to sell the Brooklyn Nets for an estimated $2-billion.

A Russian billionaire, Prokhorov purchased the NBA franchise in May 2010, becoming the first non-North American team owner in league history. He is currently the majority owner of the team with an 80% stake. He also acquired a 45% interest in the new arena, the Barclays Center, to which the then New Jersey Nets moved to in Brooklyn.

The Nets are reportedly hoping to find a Chinese buyer for the franchise and sources say, the ownership group has already generated some interest. The team’s executive vice president of global partnerships, Mike Zavodsky, has had 20-meetings in China this past month to discuss a potential sale according to reports.

Forbes has estimated the organization’s value at $1.8-billion, making a $2-billion price tag not too far off from what Prokhorov may ultimately get. While the Nets lack any sort of star power on the court, their Brooklyn location and ownership stake in the Barclays Center, would make a purchase very appealing for those interested.